by Carbon dioxide utilization refers to technologies that beneficially use carbon dioxide emissions instead of releasing them into the atmosphere. Carbon dioxide can be used as a feedstock for various purposes including enhanced oil recovery, production of synthetic fuels, conversion of waste products into useful chemicals and plastics, algae cultivation, mineral carbonation and more. Carbon dioxide is non-toxic, inexpensive, and a widely available greenhouse gas. Captured carbon dioxide can be put to productive use and create more sustainable products and processes. Major companies are actively developing carbon capture and storage as well as carbon dioxide utilization technologies to reduce their carbon footprint as well as meet climate targets.
The Global Carbon Dioxide Utilization Market is estimated to be valued at US$ 12.5 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Carbon Dioxide Utilization are Fluor Corporation, Schlumberger Limited, Aker Solutions, Honeywell International Inc., Equinor ASA, TotalEnergies SE, Hitachi, Ltd, ExxonMobil Corporation, Linde plc, Royal Dutch Shell Plc, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, General Electric, Halliburton, SABIC. Major players are investing heavily in developing advanced carbon capture facilities as well as carbon dioxide utilization technologies. Fluor Corporation recently secured a contract to provide engineering and program management services for the development of a carbon capture project in the Netherlands.
The Carbon Dioxide Utilization Market Demand technologies is growing significantly driven by stringent regulations and policies mandating reduction of greenhouse gas emissions. Many countries and regions have implemented carbon pricing mechanisms and set net-zero emissions targets which is encouraging greater adoption of carbon capture and utilization solutions. Carbon dioxide utilization can help reduce emissions in hard-to-abate sectors like cement and chemical industries.
Global expansion of the carbon dioxide utilization market is expected with rising focus on commercialization of technologies. Countries like China, India, Middle East are investing heavily in large-scale CCUS projects. Multinational corporations are also aiming to establish global carbon dioxide networks and hubs to facilitate cross-border carbon dioxide trading. Startups are receiving rising funding for innovative carbon reuse business models.
Market key trends
One of the key trends gaining momentum is the adoption of direct air capture technologies to remove carbon dioxide from ambient air. Companies like Climeworks, Carbon Engineering and Global Thermostat are scaling up production of direct air capture plants. Another major trend is the increasing focus on utilization of carbon dioxide in synthetic fuel production. Major fossil fuel companies are actively developing technologies to convert captured CO2 into synthetic methane, gasoline or diesel that can be used in existing transportation fuel infrastructure. Algae cultivation using carbon dioxide is also emerging as a promising carbon recycling sector with potential applications in food, feed, chemicals and renewable fuels.
Porter’s Analysis
Threat of new entrants: The Carbon Dioxide Utilization Market Analysis has high initial investments requirements and established suppliers, creating significant barriers for new entrants.
Bargaining power of buyers: The Carbon Dioxide Utilization market has many global and medium sized buyers with significant influence over suppliers, resulting in moderate bargaining power.
Bargaining power of suppliers: The Carbon Dioxide Utilization market has multiple suppliers producing differentiated products and services, providing suppliers with moderate bargaining power.
Threat of new substitutes: There exists a medium threat of substitutes as technologies targeting alternative greenhouse gases removal are being developed.
Competitive rivalry: The Carbon Dioxide Utilization market has many global players competing on pricing and innovation.
Geographical Regions
North America currently accounts for the largest share of the global Carbon Dioxide Utilization market in terms of value owing to stringent carbon emission norms and supportive government policies.
Asia Pacific region is expected to be the fastest growing geographical region for the Carbon Dioxide Utilization market over the forecast period owing to the rapid industrialization and urbanization driving carbon emissions in countries like China and India coupled with initiatives promoting carbon capture utilization and storage technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
